The fiscal cliff deadline is three days away and if the U.S. Congress doesn't reach a deal in time, it could affect your paycheck.
For most of us, Friday means payday and many of us budget our paychecks for bills and other expenses. But, as early as next week, Congress could take a big bite out of how much you take home every week.
"Until it actually starts to take affect, it's pretty hard to speculate. So, I think most of us are waiting to see what that effects going to be and how much it's going to amount to," said Quincy Resident Jim Sours.
If you're not paying attention to the fiscal cliff, financial experts say you probably should, because no matter what your tax bracket is you will feel the brunt of tax hikes.
The Tax Policy Center says:
"If they don't get a deal done then the new taxes will affect everybody. And, the whole point is...Why increase taxes on everybody at a point when our economy is already very fragile"? said Wealth Management Specialist Mark Schlipman.
And, to top it all off www.talkingpointsmemo.com says on average, workers would lose $40 per paycheck.
"A person in, let's say Quincy, that's bringing home $100 a week or lets say $500 a week, that extra 2 percent could almost be a tank of gas," said Schlipman.
"It means an adjustment in the household budget," said Sours.
Schlipman says to have a financial plan in place just in case lawmakers don't hammer out a last-minute deal in time.
All content © Copyright 2000 - 2014 WorldNow and WGEM. All Rights Reserved.
Persons with disabilities who need assistance with issues relating to the content of this station's public inspection file should contact Administrative Assistant Kathy Woodworth at 217-228-6617. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, at 888-835-5322 (TTY) or at email@example.com.